June 11 – Washington D.C. – A bill started by Congressman Ron Paul reached a critical benchmark of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members.
The bill, named the Federal Reserve Transparency Act will demand full transparency from the Federal Reserve for the first time in history by removing all restrictions from Government Accountability Office (GAO) audits of the Fed and mandating an audit by the end of 2010.
Based on the Campaign for Liberty’s website, an organization Ron Paul supports, explains the need for Fed Transparency “Since its inception in 1913, the Federal Reserve has helped to devalue our dollar by 95%. During the recent economic crisis, it has poured trillions of dollars into the economy with no oversight, made secret agreements with foreign banks and governments, and has refused to tell Congress who is getting the money or to give it the details of what deals are being made.”
“The tremendous grass-roots and bipartisan support in Congress for [Fed Transparency] is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul. “I look forward to this issue receiving greater public exposure.”